YES! That charge off is hurting you!
Great information. I've been looking at a particular car for the last few months, doing my homework, and have been worried about my score. I went to a dealer yesterday and found that they had my Exp. score at 571 while I last pulled my score from myFico and it was 613 with them about three months ago (all I have is a secured card for a year and no other credit for the last 5). Needless to say I was upset and shocked by that. My question is, would a charge off on an RV loan that was refinanced to include a vehicle be throwing off my score so much? I haven't had either vehicle in the last 5 & 4 years respectfully. Am I now doomed with this larger spread or does these 'go away' after so many years? Thanks btc
breakingthecode wrote:What, if anything, can I do to lesson this? Do I need to wait so many years or just take on loans at these higher APR's (the dealership said they would do it for a jaw dropping 18%) for smaller loan amounts?
MercyMe wrote:Good morning, Tuscani! This is great info, and of course I have a question, or two. Over the course of the past 7 years, my husband has had three auto loans. All were paid on time/never late, and all are paid off. His regular credit scores are inching up -- high 500s right now, one's a few from 600. He was recently approved for a WaMu, 2000 limit, and an AmEx gold, on the business. When I pulled his business credit snapshot from Ex, it deems the business a low to medium risk, but didn't give a score. There isn't anything on the company credit other than a gas card. Everything's fallen off, over the years. He is always receiving pre-qualified advertisements from car dealerships.Does he stand a good chance of getting a new truck at a reputable dealer, and how might he go about negotiating that? The last auto loan he took out was with our daughter, who needed a car to get back and forth to the university, 30 something miles away. He ended up paying over 25 percent interest on it, through Anything On you probably know what, which is highway robbery to be sure! But the car established her credit and improved his. He needs a truck as his has near 300,000 miles on it now, and is costing in repairs. (Luckilly, two of our sons are auto mechanics, and one owns his own shop). He doesn't want to be embarassed by going in to apply, only to be turned down for an autoloan, you know?Also, what if one has never had an auto loan but their scores are in the mid 600 range? Would that factor as a positive or a negative in auto financing. Thanks for your input.